Posted in Career Best Practices
Are you in the green – or green with envy about your coworker's compensation?
Are you confident you're being adequately compensated – or continually wondering if you should be paid more?
While some employers are completely transparent about pay and have a well-designed salary structure, compensation is a sensitive subject in most organizations. As an employee, it can be extremely difficult to tell if you're being paid fairly or not. This recent Forbes.com article shares the following indicators to help you evaluate your salary:
- Research similar jobs (we've included a few links below) in your local market. If your pay rate falls in the middle of that range, you're probably being paid fairly.
- Consider how much overtime you work. If you're not compensated for overtime, are regularly required to work extra hours, and have no say in the matter, you're probably undercompensated.
- If you and your boss discuss pay when your role changes significantly, that's a good sign. If you continually take on more work with no bump in pay, that's cause for concern.
- Do HR and your immediate supervisor use relevant, current market data to determine pay rates? If not, your compensation might need to be reevaluated.
- Is your company's pay structure logical and clearly communicated? If so, you're probably in good shape. But if your organization takes a cloak-and-dagger approach, where nobody is allowed to know how pay is determined, you should wonder why that's the case.
In today's job market, so many factors influence compensation: geography, tenure, local employment conditions, minimum wage increases and more. In this earlier post, we share the following tips for assessing the fairness of your pay rate – and getting a raise if you deserve one:
- Do some online research. Find out the going rate for your position within your industry by searching on sites like Payscale, Getraised and Glassdoor. Job boards are another good source of information to consult. Make sure you search pay rates for similar job titles, to get more comprehensive information.
- Prepare to re-sell your value. Create a one-page "brag sheet" or simple PowerPoint presentation that highlights your measurable results, newly acquired skills/responsibilities, success stories and recommendations. Use these points, plus the results of your salary research, to build a case for why you deserve more money.
- Get the timing right. Schedule a meeting to discuss your salary with your boss during a period of low workflow and stress.
- Ask for a specific salary or pay rate. Choose a number at the top end of the range, so you have room to compromise if necessary. The good news is, if you've done your homework you can easily justify the reason behind the figure you settle on.
Need help determining your worth?
PrideStaff's Compensation Portal provides accurate, real-time salary data that allows you to:
- Compare your pay to others in your position
- Find out what jobs pay the most in your industry
- Earn what you're worth
- Make the best choices for your career
For the insights and opportunities you need, contact your local PrideStaff recruiter today.